The 'Goods and Services Tax' on intra-state supply comprises: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on intra-state supply comprises:

A. SGST only

B. IGST

C. CGST only

D. CGST and SGST/UTGST

Answer: Option D

Solution (By JKSSB Mock Tests)

Intra-state supplies attract both CGST and SGST/UTGST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Economic Survey' in India is published by:

A. RBI

B. NITI Aayog

C. Ministry of Finance

D. NSO

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Correct Answer: Option C

Explanation:
Economic Survey is published by the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a qualitative method of credit control used by RBI?

A. Moral Suasion

B. Bank Rate

C. Cash Reserve Ratio

D. Open Market Operations

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Correct Answer: Option A

Explanation:
Moral suasion is a qualitative (selective) method of credit control where RBI persuades banks to follow certain credit policies. Bank Rate, OMO and CRR are quantitative methods.

This question belongs to: Economy GK Economy Set 1

Question #3

A negative externality occurs when:

A. private benefit equals social benefit

B. private cost exceeds social cost

C. social benefit exceeds private benefit

D. social cost exceeds private cost

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Correct Answer: Option D

Explanation:
A negative externality arises when social cost exceeds private cost, e.g. pollution.

This question belongs to: Economy GK Economy Set 1

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